DIRS.INFO The most relevant business & tech news

☆ Britain scraps cap on banker bonuses inherited from EU
▼ + stars: | 2023-10-24 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

A general view of the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams/File Photo Acquire Licensing RightsLONDON, Oct 24 (Reuters) - Britain on Tuesday scrapped a decade-old cap on banker bonuses inherited from the European Union, signalling a clear divergence in post-Brexit financial rules from the 27-country bloc it left in 2020. The BoE and Financial Conduct Authority proposed scrapping the cap in a public consultation earlier this year, and its abolition was confirmed in final policy published on Tuesday. The TUC confederation of labour unions said the decision to scrap the bonus cap was "obscene". Law firm Linklaters said scrapping the cap puts Britain back into line with the rest of the world, apart from the EU, but it would continue to apply to staff working at EU banks in London who are regulated under the bloc's rules.

Persons: Hollie Adams, BoE, Suzanne Horne, Paul Hastings, Paul Nowak, Linklaters, David Milliken, Iain Withers, Barbara Lewis, Mark Potter, Jonathan Oatis Organizations: Bank of England, City of, REUTERS, European Union, Financial, Authority, London, Finance, TUC, Britain, Thomson Locations: City, City of London, Britain, EU, London, New York, United States, Asia

The French competition authority (FCA) said on Wednesday it conducted the dawn raid a day earlier on a company in the "graphics cards sector", it said. French newspaper Challenges and the Wall Street Journal identified the company as Nvidia (NVDA.O). While GPU prices start from over $1,000, the ones favoured by AI companies can cost well over $10,000. Nvidia has a presence in both sectors, and if any startup is planning to create an AI company, they would need to depend on Nvidia for the chips. Various French authorities have looked at Big Tech companies previously, including issuing a fine to Google in 2021 for infringing EU competition law.

Persons: Dado Ruvic, Charlotte Colin, Dubuisson, Colin, Supantha Mukherjee, Dominique Vidalon, Emelia Sithole Organizations: NVIDIA, REUTERS, Rights, Nvidia, Big Tech, Wall Street Journal, Intel, AMD, Tesla, Oracle, Google, Microsoft, Thomson Locations: Rights STOCKHOLM, FRANCE, France, Stockholm, Paris

The Cyberspace Administration of China (CAC) said it was considering waiving data export security assessments for activities such as international trade, academic cooperation, cross-border manufacturing and marketing that do not contain personal information or important data. Alex Roberts, a Shanghai-based lawyer at Linklaters, said the new rules are "a great signal for foreign investment and trade into China". You Yunting, a lawyer with Shanghai-based DeBund Law Offices, said the new rules "represents a certain degree of relaxation in data export regulation" in China. He added that the new rules could keep the cross-border transfer of human resources data low for companies. The previous rules were causing consternation among international businesses in China as some fear they could be cut off from assessing their human resources data from within China.

Persons: Alex Roberts, Brenda Goh, Josh Ye, Christina Fincher, Alison Williams Organizations: Cyberspace Administration of China, European, Reuters, Thomson Locations: SHANGHAI, HONG KONG, China, Shanghai, Linklaters, Hong Kong

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsBRUSSELS/STOCKHOLM, Sept 21 (Reuters) - European Union lawmaker Brando Benifei, who is leading negotiations on artificial intelligence rules, on Thursday urged EU countries to compromise in key areas in order to reach agreement with the bloc's executive by the end of the year. The thorniest issues are biometric surveillance and copyrighted material used by ChatGPT and other generative AI. Lawmakers want a ban on AI use in biometric surveillance but EU countries led by France want exceptions for national security, defence and military purposes. Lawmakers also want AI legislation to cover copyrighted material used by companies like OpenAI, backed by Microsoft Corp (MSFT.O), while EU countries say the bloc's current copyright rules offer sufficient protection. Copyright should be dealt with in the copyright law," she told Reuters, chiming with EU countries on the second matter.

Persons: Dado Ruvic, Brando Benifei, Benifei, Alexandra van Huffelen, Svenja Hahn, Guillaume Couneson, Linklaters, Foo Yun Chee, Martin Coulter, Kirsten Donovan Organizations: REUTERS, Union, European Commission, Microsoft Corp, Reuters, UN, Assembly, Global Tech Sector, Thomson Locations: BRUSSELS, STOCKHOLM, France, Europe, New York, Spain, London

As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. But the secrecy with which STC (7010.SE) built its stake did catch some observers off guard, the person said. Telefonica said it was informed Tuesday about STC'S investment, after the companies had become more acquainted in recent months. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Nadia Calvino, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio, Ros Russell Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

☆ A timeline of 5 major hurdles Russia's imposed on Western firms trying to exit the country
▼ + stars: | 2023-09-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

The Russian foreign ministry did not immediately respond to a request for comment from Insider sent outside regular business hours. Some companies trying to exit Russia recently are facing demands of even steeper discounts, Reuters reported on August 25, citing three persons familiar with exit processes for foreign companies. Both firms had been trying to exit Russia for months before the seizures, before the sudden takeover. In July, Moscow targeted the Russian assets of food and beverage giants Danone and Carlsberg for seizures. A month later, in September, Russia demanded foreign banks unfreeze Russian assets if they wanted to exit the market.

Persons: Linklaters, —, Vladimir Putin's, Germany's, Fortum —, Putin, Dmitry Peskov, Alexei Moiseev Organizations: Service, Yale University, Russia, Russian, Novaya Gazeta, Companies, Kremlin, Investors, Danone, Carlsberg, Financial Times, UBS, Credit Suisse —, Zenit Bank, Reuters, Raiffeisen Locations: Russia, Wall, Silicon, Ukraine, London, Russian, Moscow

He learned Saudi Arabia's largest telecoms operator, STC Group, aimed to be Telefonica's biggest shareholder, with an interest of 9.9%. The move is a vote of confidence in Telefonica, burdened by billions of dollars in debt while STC gains expertise to modernize Saudi telecoms infrastructure. As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio Our Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

☆ Daily Mail in talks with investors over potential bid for Britain's Telegraph
▼ + stars: | 2023-08-12 | by ( ) www.reuters.com time to read: +1 min

A clock face is seen outside of the London offices of the Daily Mail newspaper in London, Britain, April 28, 2018. REUTERS/Toby Melville/File PhotoAug 12 (Reuters) - The Daily Mail and General Trust has registered its interest with British bank Lloyds (LLOY.L) for a potential bid for The Telegraph, a spokesperson told Reuters on Saturday. Individual external investors would be unlikely to own more than 20% of the Telegraph titles if they formed part of a consortium with the Daily Mail proprietor, the report added. Last month, the Telegraph and Spectator appointed investment bank Goldman Sachs (GS.N) and law firm Linklaters to advise on their sale. Reporting by Kanjyik Ghosh in Bengaluru; Editing by Giles ElgoodOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Rothermere, Barclay, Goldman Sachs, Linklaters, Kanjyik Ghosh, Giles Elgood Organizations: Daily Mail, REUTERS, General Trust, Lloyds, The Telegraph, Sky News, DMG, Telegraph, Daily, Sunday Telegraph, Spectator, Thomson Locations: London, Britain, Bengaluru

☆ Hybrid working policies are making interns lonelier in the office
▼ + stars: | 2023-07-03 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

Hybrid working policies mean interns turn up to empty offices and feel more isolated. However, young professionals often want to be in the office to advance their careers and socialize. "[But] there were some days when I was the only member of my team in the office ... Because of this, some companies are implementing new guidance for younger employees to help them integrate into the workforce. This is severely degraded when those top performers (who are most capable of thriving WFH) are working from home.

Persons: —, Martha Storey, Mark Drury, Louise Fitzgerald, Lombard, Jake Wood Organizations: Service, Financial Times, Linklaters, HSBC, KPMG, BNP, Deloitte, New, Junior Locations: London

☆ U.S. Companies Face EU Deforestation Rules on Coffee, Wood and Other Everyday Goods
▼ + stars: | 2023-06-29 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

The nonprofit estimates at least 37 big U.S.-based companies, including Starbucks and Kellogg, will be covered by the new rules. Trees absorb carbon dioxide, and forest loss and damage has caused around 10% of global warming, according to nonprofit World Wildlife Fund. The EU rules apply to companies meeting the bloc’s broad definition of an “operator,” which includes a business importing into the EU, exporting from it, or putting products on the bloc’s market. The EU rules are expected to become stricter over time. Sen. Brian Schatz, a Hawaii Democrat who is spearheading the effort, said the U.S. needs to follow the EU in enacting deforestation regulations on trade.

Persons: haven’t, “, Starling, —, Kellogg, ” Frans Timmermans, Guillaume Croisant, Sen, Brian Schatz, ”, Dieter Holger Organizations: European Union, EU, Global, Starbucks, Kellogg, Labs, Airbus, Companies, World Resources Institute, Consumer Goods, New, World Wildlife Fund, Cargill, Bunge, Sustainable Business, Barclays, Hawaii Democrat, dieter.holger Locations: European, Brazil, Indonesia, Malaysia, New York, Brussels, Linklaters, U.S, Hawaii, Europe

☆ Europe takes aim at ChatGPT with what might soon be the West’s first A.I. law. Here's what it means
▼ + stars: | 2023-05-15 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

The law, known as the European AI Act, is the first law for AI systems in the West. The AI Act categorizes applications of AI into four levels of risk: unacceptable risk, high risk, limited risk and minimal or no risk. But AI technology has been around for years and is integrated into more applications and systems than you might think. "The European Commission's original proposal for the AI Act takes a risk-based approach, regulating specific AI systems that pose a clear risk," de Champris added. "MEPs have now introduced all kinds of amendments that change the very nature of the AI Act, which now assumes that very broad categories of AI are inherently dangerous."

☆ UK reviews AI models as rapid growth fuels safety concerns
▼ + stars: | 2023-05-04 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

Governments around the world are now trying to find a balance whereby they can assess and rein in some of the potential negative consequences of AI without stifling innovation. Britain in March opted to split regulatory responsibility for AI between those bodies that oversee human rights, health and safety, and competition, rather than creating a new body dedicated to the technology. CMA CEO Sarah Cardell said in a statement that AI had burst into the public consciousness and was developing at speed. The review in Britain echoes investigations taking place around the world, from Beijing to Brussels and Washington. Italy, a G7 member, took ChatGPT offline last month to investigate its potential breach of personal data rules.

SummarySummary Law Firms Naomi Moore joins from Akin Gump to head DLA Piper's APAC restructuring practiceMoore will split her time between the firm's Hong Kong and Sydney officesMay 2 (Reuters) - Law firm DLA Piper has hired a partner from U.S.-founded rival Akin Gump Strauss Hauer & Feld in Hong Kong to serve as its new restructuring practice leader for the Asia Pacific region, the firm said Tuesday. Naomi Moore, who has been on sabbatical since she left Akin Gump in January, will divide her time between DLA Piper’s Sydney and Hong Kong offices, the firm said in a statement. In Hong Kong, Moore joins Trinh Hoang, DLA Piper’s only other restructuring-focused partner in the office, who joined the firm from Linklaters in October last year. Linklaters added a restructuring head in Hong Kong from Allen & Overy in October. An Akin Gump spokesperson wished Moore well on her new role.

☆ Amazon, Apple and more: EU names the Big Tech platforms set to face tougher regulatory scrutiny
▼ + stars: | 2023-04-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The European Commission, the executive arm of the EU, in late 2020 presented new legislation on how regulators should keep a closer eye on tech giants. Under this Digital Services Act (DSA), which was implemented four months ago, regulators are able to police content to reduce harmful comments and set rules for the use of artificial intelligence. European regulators have previously warned Elon Musk, CEO of Twitter, that his firm faces significant amounts of work to comply with the new rulebook. He added in a statement Tuesday: "The countdown is starting for 19 very large online platforms and search engines to fully comply with the special obligations that the Digital Services Act imposes on them." "The Digital Services Act is comprehensive and will be a challenge for online intermediaries to get their head around, with the largest players facing the biggest impact.

☆ China to form a national bureau to manage its troves of data
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, March 7 (Reuters) - China will form a national data bureau that will be responsible for coordinating the sharing and development of the country's data resources, according to a plan submitted on Tuesday to parliament. The proposed bureau will be administrated by the state planning agency, the National Development and Reform Commission (NDRC), the plan said. This has included issuing a series of new laws that require organisations with large user bases undergo assessments and obtain approvals when handling data. Some firms are struggling with a deadline requiring them to seek approval to export user data. "Multinationals will no doubt want to understand how a centralised data regulator will interface with overseas stakeholders."

☆ Big Investors Expected to Scrap ‘Dark Green’ Labels on More EU Funds
▼ + stars: | 2023-01-10 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

SFDR rules require EU-marketed funds to be designated as one of three categories: “dark green” Article 9 funds, which aim for sustainability or decarbonization; “light green” Article 8 funds, which advance one or more environmental, social and governance objectives; and Article 6 funds, which don’t have any specific ESG-related objectives. Upgrades and downgrades in classifications typically occur with “similar frequency,” but since September, more than 80% of reclassifications have moved Article 9 funds to Article 8, analysts at Jefferies said in December. At the end of November, there were around $452 billion in Article 9 funds, nearly $4.2 trillion in Article 8 funds and $3.9 trillion in Article 6 ones. In November, BlackRock moved 16 funds representing around $26 billion to Article 8 from Article 9, but also retained 13 dark-green funds valued at about $13 billion. Another challenge is for fund managers to gather and report required ESG data—such as greenhouse-gas emissions, gender pay gaps and water use—for individual stocks and bonds in a fund.

☆ London Stock Exchange Launches First Fund Under New Market for Carbon Credits
▼ + stars: | 2022-12-05 | by ( Kristin Broughton | ) www.wsj.com time to read: +5 min

The London Stock Exchange Group PLC on Monday launched the first fund under its new market for carbon credits, which aims to provide capital to green projects and transparency in an opaque area of sustainable finance. The new market offers a way for companies and investors to purchase carbon credits to offset emissions and meet net-zero commitments. Companies and shareholders, in return for their investments, can receive carbon credits in lieu of cash dividends. Foresight Sustainable Forestry Co. PLC, a London-based investment firm, is the first company to take part in the new voluntary carbon market, the London Stock Exchange said Monday. London Stock Exchange Group also operates the FTSE 100 and FTSE 250 indexes and provides financial data.

Nov 14 (Reuters) - UK-founded law firm Linklaters on Monday said it has hired a finance-focused partner from Sidley Austin in New York to head its energy and infrastructure practice in the Americas. Ron Erlichman specializes in the financing and development of infrastructure projects, particularly renewable energy and carbon neutral projects, according to an archived profile on Sidley Austin’s website. Prior to Sidley, Erlichman co-chaired the project finance group at Houston-headquartered law firm Bracewell. Erlichman’s experience in the renewable energy and project finance practices “will be invaluable as we guide domestic and international clients through the rapidly changing and complex U.S. energy and infrastructure market,” Linklaters global energy and infrastructure group leader Daniel Tryer said in a statement. A Sidley Austin spokesperson did not immediately respond to a request for comment on Erlichman’s departure.

☆ China's CIFI suspends all offshore debt payments, starts restructuring
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +3 min

HONG KONG, Nov 1 (Reuters) - Shanghai-based property developer CIFI Holdings (0884.HK) said on Tuesday it has suspended payments on all of its offshore debt after it failed to reach an agreement with creditors to which it owes $414 million in total. CIFI said in a filing it has engaged Haitong International Securities Company Limited as financial advisor and Linklaters as legal adviser to facilitate a restructuring of its $6.85 billion offshore debt, as it is likely to come under continued pressure to generate sufficient cash flows for repayments. CIFI and Longfor had borrowings of 114 billion yuan ($15.61 billion) and 212 billion yuan, respectively, as of June, and Greenland had 122 billion yuan. But it added its offshore debt issues do not materially affect its onshore financing arrangements as a whole and that its commercial operations remain normal. CIFI said on Oct. 13 it had not met certain offshore interest and amortisation payments due to delays in remittances during an extended holiday in mainland China.

☆ EU Looks to Follow Tough U.S. Action on Forced Labor
▼ + stars: | 2022-10-31 | by ( Richard Vanderford | ) www.wsj.com time to read: +7 min

Beijing has called allegations about the use of forced labor “vicious lies” and said its policies in Xinjiang are intended to counter violent separatism and terrorism. African mining operations, for example, have been implicated in the use of forced labor. Under the proposal, EU member states will designate authorities to enforce the regulation, and their customs authorities will enforce it at the EU’s borders. Goods made without forced labor are going to the U.S., while goods made with forced labor are shipped to the EU, the researchers said. Uniqlo has said it performs due diligence throughout its supply chain and prohibits the use of forced labor.

Search resuls for: "Linklaters"

20 mentions found